Formula One sees Singapore as an anchor venue and wants to extend the world’s most popular motorcar-racing series there beyond this year.

Negotiations are on with organizers in the city to “continue to bring this great sport to Asia and Singapore,” Formula One Chief Executive Officer Chase Carey said in an interview with Bloomberg Television’s David Ingles.

“We’re actively engaged in that discussion and it is our goal to reach an agreement that works for the both of us.”

Singapore’s Ministry of Trade and Industry said in an email it’s in talks with Formula One to renew the contract.

Discussions have continued for at least months on the fate of the series in Singapore after the races this weekend, the last under the current five-year contract.

While the night race – and its off-track entertainment lineup of stars like singer Ariana Grande – has helped boost revenue for Singapore, economic uncertainty as well as competition from Asian neighbors for the tourism dollar have led the city-state to project slower growth in visitor arrivals this year.

“There’s great potential to continue to grow this event here and grow this event as really an anchor for Asia and really the whole world,” Carey said in Singapore. “And I think both of us recognize the great potential to continue to grow on what we’ve built here to date.”

Carey, appointed when Liberty Media Corp. completed its acquisition of Formula One in January, declined to provide more specific details.